"We no longer wished to see any more uncertainty over the future of Swansea City and as Mike Lewis' offer has been the only firm offer from the number of people we have been in discussion with about the sale of the Club, we felt it was only appropriate to assist him with the Club's purchase."

He added: "During our time in ownership of Swansea City, we have doubled the club's turnover, improved facilities at the ground and restored the club to the commercial forefront of the community, from a time when nobody wanted to do business with it."

New owner Mike Lewis said his role at this stage is purely that of a custodian.

"I have no interest in retaining my new shareholding, other than to formally allow it to be apportioned to new investors," he said.

"This has been necessary to conclude ongoing negotiations and I expect to be able to give details of these by the early part of next week."